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We took the opportunity to ask our Instagram followers about their best days as freight brokers. Here are some of their responses...
Heartland Express, Covenant Logistics, and Knight-Swift Q2 earnings show mixed results, debt reduction, and market stabilization signs.
Knight-Swift's profit dips in Q2 as U.S. freight demand dwindles and revenues across trucking units drop sharply.
Knight-Swift Transportation, the largest North American truckload carrier, reported a sharp fall in Q2 profit to $63.3 million, down from $219.5 million year-over-year, due to reduced U.S. freight demand.
Revenue fell 21% to $1.55 billion, with the core truckload segment dropping 15.5%. The company's freight brokerage logistics business revenue also declined by 52% due to a decrease in shipper loads.
Amid this downturn, Knight-Swift reduced its full-year earnings guidance, also factoring in a projected loss from U.S. Xpress, which it acquired earlier in the year. CEO David Jackson expects a normalization of imports and seasonality in coming quarters following an inventory destocking phase.
Source: WSJ
Freight markets giving off recession vibes.
— Craig Fuller 🛩🚛🚂⚓️ (@FreightAlley) July 22, 2023
Dave Jackson CEO of Knight-Swift on their conference call stated:
“I don’t know that we’ve ever seen freight demand fall this far so fast and for so long without an accompanying economic recession.” https://t.co/K2tuFbD6IR
We took the opportunity to ask our Instagram followers about their best days as freight brokers. Here are some of their responses...
A truck carrying flammable chemicals crashed and exploded on Route 3 in Clifton, NJ, killing the driver and forcing evacuations.
Q2 sees slower rate of trucking business exits, but market remains challenging. Here are the latest industry data and expert insights.
Driver wages remain the largest expense. Safety bonuses ($1,831 average) surpassed starting bonuses for the first time.
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